Global markets slide as AI stocks fall and oil hits five-month high

Global stock markets fell Thursday as artificial intelligence-related shares declined sharply, while oil prices climbed to their highest level since May amid concerns over the conflict with Iran. The S&P 500 dropped 1 percent, and the Nasdaq composite fell 2 percent. AI stocks have been volatile due to worries about high borrowing costs for data centers and chips, plus concerns that prices rose too high during a yearslong rally. Even companies reporting strong earnings, like Lam Research, saw shares tumble, while Meta Platforms lost 5.4 percent and Nvidia dropped 3.7 percent. Asian markets saw steeper losses, with South Korea's Kospi down 3.5 percent and Japan's Nikkei 225 down 2.7 percent. U.S. Treasury yields fell sharply as investors sought safer assets, though the 10-year yield remained above pre-war levels.